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LeAnne Redick Wilson
Senior Vice President
​lwilson@brt.org

    

What is Business Roundtable

Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies working to promote sound public policy and a thriving U.S. economy.

The undersigned associations, which represent a broad swath of the business community and whose members employ millions of Americans, respectfully urge you to raise the federal debt limit. We urge you to vote for the amendment in the nature of a substitute to S.627, The Budget Control Act of 2011.

Failure to increase the statutory debt limit in a timely fashion could have significant and long-lasting negative impact on the U.S. economy. Raising the statutory debt limit is critical to ensuring global investors’ confidence in the creditworthiness of the United States. Tough calls on U.S. spending must be made as part of a debate about the budget and we agree that restoring balance to our fiscal position will require that the government spend less and spend more wisely.

This legislation is necessary to extend the debt limit and avoid a default on the obligations of the United States. It would extend the current debt limit in two phases: the first phase would provide for $1.2 trillion in discretionary spending cuts and an immediate increase of $1 trillion in the debt limit. The bill would allow for a subsequent increase of $1.6 trillion in the debt limit once Congress passes legislation to reduce the deficit by an additional $1.8 trillion. The second stage of spending reduction would be formulated by a bi-partisan Congressional committee and be voted on by the Congress in an “up or down” vote. The bill additionally would require a vote on a balanced budget amendment by the end of the year.

A default on the obligations of the United States would result in immediately higher interest rates, a likely decline in the dollar, a drop in the stock markets, potentially higher oil prices and loss of economic growth and jobs. Longer-term, a default would likely result in a downgrade of U.S. debt instruments resulting in higher interest costs, which will add to the cost of financing our nation’s debt.

The nation is now risking unthinkable default. While no legislation is perfect, the current proposal cuts spending immediately by more that the extension of the debt ceiling, provides an enforceable mechanism to produce additional spending reductions with extensions of the debt limit predicated on these cuts, and allows for a vote on significant procedural change to our budgeting process.

In making this recommendation, we remain extremely concerned about the level of the federal debt and large annual budget deficits and remain committed to working with you and the Administration to address our Nation's fiscal challenges. We urge you to vote for this important legislation.

Sincerely,

  • ABC Mid-Tennessee Chapter
  • Aluminum Association of America
  • American Coatings Association
  • American Council of Engineering Companies
  • American Fork Chamber
  • American Iron and Steel Institute
  • American Lighting Association
  • American Meat Institute
  • American Rental Association
  • American Supply Association
  • Associated Oregon Industries
  • Ardmore Chamber of Commerce
  • Arkansas State Chamber/Associated Industries of Arkansas
  • Associated Equipment Distributors
  • Associated General Contractors of America
  • Associated General Contractors – Maine Chapter
  • Association of Equipment Manufacturers
  • Association of Washington Business
  • Blackstone Valley Chamber of Commerce
  • Brick Industry Association
  • Buckeye Valley Chamber of Commerce
  • Business Council of New York State
  • Business Roundtable
  • California Chamber of Commerce
  • Carol Stream Chamber of Commerce
  • Cincinnati Chamber of Commerce
  • Concordia Chamber of Commerce
  • Carson City Chamber of Commerce
  • Dakota County Regional Chamber of Commerce
  • DC Chamber of Commerce
  • Delaware State Chamber of Commerce
  • Draper Area Chamber of Commerce
  • Fairfield Chamber of Commerce
  • Fentress County Chamber of Commerce
  • Financial Services Roundtable
  • Greater Albuquerque Chamber of Commerce
  • Greater Carlisle Area Chamber of Commerce
  • Greater Des Moines Partnership
  • Greater Irving – Las Colinas Chamber of Commerce
  • Greater Raleigh Chamber of Commerce
  • Greater Shreveport Chamber of Commerce
  • Greater Woodland Park Chamber
  • Haysville, Kansas Chamber of Commerce
  • Huron County Chamber of Commerce
  • INDA, the Association of the Nonwoven Fabrics Industry
  • Indiana Chamber of Commerce
  • International Franchise Association
  • Johnson City – Jonesborough – Washington Chamber of Commerce
  • Joliet Region Chamber of Commerce and Industry
  • Lakeville Area Chamber of Commerce
  • Las Vegas Green Chamber of Commerce
  • Los Angeles Area Chamber of Commerce
  • Lynchburg (VA) Regional Chamber of Commerce
  • Marine Retailers Association of America
  • Metals Service Center Institute
  • MetroWest Chamber of Commerce
  • Michigan Chamber of Commerce
  • Minnesota Chamber of Commerce
  • Missouri Chamber of Commerce & Industry
  • Mobile (Al) Area Chamber of Commerce
  • Monona Chamber of Commerce
  • Motor & Equipment Manufacturers Association
  • National Association of Home Builders
  • National Association of Manufacturers
  • National Association of Wholesaler-Distributors
  • National Beer Wholesalers Association, Inc.
  • National Council of Chain Restaurants
  • National Electrical Manufacturers Association
  • National Ready Mixed Concrete Association
  • National Restaurant Association
  • National Retail Federation
  • National Roofing Contractors Association
  • National Wood Flooring Association
  • Nebraska Chamber of Commerce & Industry
  • Nebraska Retail Federation
  • New Mexico Retail Association
  • North Carolina Chamber
  • North Dakota Chamber of Commerce
  • Nuclear Energy Institute
  • Outdoor Amusement Business Association, Inc.
  • Pennsylvania Chamber of Business and Industry
  • Retail Industry Leaders Association
  • Rochester Area Chamber of Commerce
  • Rocky Mountain Chapter, Associated Builders and Contractors
  • Rowan County Chamber of Commerce
  • Salisbury Area Chamber of Commerce
  • Schuylkill Chamber of Commerce
  • Spring River Chamber of Commerce
  • Small Business & Entrepreneurship Council
  • St. Charles (Missouri) Chamber of Commerce
  • Tempe Chamber of Commerce
  • Texas Association of Business
  • Texas Retailers Association
  • The Prince William Chamber of Commerce
  • The State Chamber of Oklahoma
  • Tucson Metropolitan Chamber of Commerce
  • Tulsa Metro Chamber of Commerce
  • U.S. Chamber of Commerce
  • Utah Restaurant Association
  • Washington Automotive Wholesalers Association
  • West Virginia Chamber of Commerce
  • Western DuPage Chamber of Commerce
  • White Pine Chamber of Commerce
  • Wisconsin Grocers Association, Inc.